Property Type

Restoration Hardware Opens RH Marin, The Gallery at the Village in Corte Madera, California

by Amy Works July 10, 2020

CORTE MADERA, CALIF. — RH has opened RH Marin, The Gallery at the Village, the brand’s newest physical location and the first design gallery in California. The property is located at 1750 Redwood Highway in Corte Madera. Totaling nearly 60,000 square feet of indoor and outdoor space, the three-level property features artistic installations of luxury home furnishings in a gallery setting, including spaces devoted to RH Interiors, RH Modern, RH Rugs and Outdoor. Additionally, RH Marin features an interactive RH Interior Design Firm & Atelier that provides professional design services. The property also includes RH Rooftop Restaurant and a climate-controlled wine bar.

July 10, 2020

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 95-Unit Liberty Crossing Apartment Community in Salt Lake City

by Amy Works July 10, 2020

SALT LAKE CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Liberty Crossing, a multifamily property located in Salt Lake City. Elan Multifamily Investments acquired the community from Liberty Crossing Associates for an undisclosed price. Built in 2019, the 102,011-rentable-square-foot property features 95 apartments. Danny Shin and Brock Zylstra of IPA brokered the transaction

July 10, 2020

Acquisitions California Office Western

CBRE Global Investors Acquires Two Office Buildings in San Jose, California

by Amy Works July 10, 2020

SAN JOSE, CALIF. — CBRE Global Investors has purchased 237@First, a two-building office complex in San Jose. Terms of the transaction were not released. Totaling 368,702 square feet, the asset consists of two six-story buildings: 4353 North First St., a 181,042-square-foot property built in 2016, and 4453 North First St., a 187,660-square-foot building built in 2019. The buildings feature 14-foot to 16-foot slab-to-slab heights, expansive window lines, abundant light, lobbies and flexible, 32,800-square-foot, column-free floor plates. Tenant amenities include a fitness center with yoga studio and several outdoor collaboration areas. At the time of sale, the property was nearly 65 percent leased with 131,000 square feet available for lease.

July 10, 2020

Acquisitions California Net Lease Retail Western

CalBay Development Buys 99c Only-Occupied Property in Los Angeles for $3.3M

by Amy Works July 10, 2020

LOS ANGELES — CalBay Development has acquired the fee interest in a retail property located in the Rowland Heights area of Los Angeles. A private family sold the asset for $3.3 million in an off-market transaction. Situated on two acres, the site is improved with a 20,000-square-foot retail store, which 99c Only occupies on a net-leased basis.

July 10, 2020

Acquisitions Arizona Retail Western

Marcus & Millichap Arranges $4M Sale of Retail Property in Goodyear, Arizona

by Amy Works July 10, 2020

GOODYEAR, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 15578 W. McDowell Road in Goodyear. A limited liability company sold the property to a limited liability company for $4 million. The property includes a 10-year absolute, triple-net corporate lease with 10 percent rental increases every five years. AAA occupies the 8,540-square-foot building, which is situated on 1.1 acres. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap’s Phoenix office represented the seller, while Matt Hager with Intero Commercial represented the buyer in the deal. Alan Laaulainen, also of Marcus & Millichap Phoenix, assisted in procuring the buyer.

July 10, 2020

Acquisitions Florida Office Southeast

Ten Capital, Somerset Properties Acquire Office Building in Fort Lauderdale for $82.5M

by Alex Tostado July 10, 2020

FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

July 10, 2020

Acquisitions Florida Loans Multifamily Southeast

Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado July 10, 2020

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.

July 10, 2020

Loans Maryland Multifamily Southeast

MetLife Provides $34.3M Refinancing Loan for Multifamily Community in Downtown Bethesda

by Alex Tostado July 10, 2020

BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop lounge, green roof areas, bike storage and transit screen providing real-time status of transit options. Located at 100 Commerce Lane, Element 28 is one block from the Bethesda Metro Station and less than one mile from the Capital Crescent Trail head, which connects downtown Bethesda with D.C.’s Georgetown district. The borrower is a partnership between institutional investors advised by J.P. Morgan Asset Management and Kettler. Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL arranged the loan on behalf of the borrower.

July 10, 2020

Georgia Industrial Leasing Activity Southeast

Robinson Weeks Signs Two Tenants to Industrial Leases Totaling 184,670 SF at Gillem Logistics Center in Metro Atlanta

by Alex Tostado July 10, 2020

FOREST PARK, GA. — Robinson Weeks Partners has signed two industrial tenants to occupy a total of 184,670 square feet within Building 400 at Gillem Logistics Center in the south Atlanta suburb of Forest Park. Cleveland-based North Coast Logistics will occupy 107,675 square feet beginning in October. Jacob Westfall of CBRE represented North Coast Logistics in its lease transaction. Orlando-based farming company Kalera Inc. will lease 76,995 square feet at the property, which is situated 12 miles south of downtown Atlanta within five miles of Hartsfield-Jackson Atlanta International Airport. Kalera produces non-GMO vegtables and will be able to double its operations, allowing the facility to produce 11 million heads of lettuce per year. Derek Riggleman and Trip Ackerman of Lee & Associates represented Kalera in its transaction. John Gaskin internally represented Robinson Weeks Partners in both negotiations.

July 10, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

by Alex Tostado July 10, 2020

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

July 10, 2020

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